Columbus, GA-based Flournoy Companies Completed the 339-Unit Vue at Belleair Earlier This Year
TAMPA, FL, June 21, 2019 — Cushman & Wakefield, as the exclusive advisor, has launched the marketing campaign for a luxury, waterfront multifamily community in Clearwater, Florida on behalf of the owner and developer, Flournoy Companies. Called Vue at Belleair, the 339-unit, garden-style property was completed in 2019 and is nearing the end of lease-up.
Executive Director Luis Elorza, Executive Director Brad Capas, Vice Chairman Robert Given and Senior Financial Analyst Michael Mulkern, of Cushman & Wakefield’s Florida Multifamily Investment Sales Team, are leading the marketing efforts for the asset.
Vue at Belleair consists of six four-story elevator buildings and five two-story carriage buildings on 15.6 acres. The Class A apartment community offers one-, two- and three-bedroom units, averaging 948 square feet. The residences are designed with the highest standards, featuring 9-, 10- and 11-foot ceilings, designer finishes and appliances, and many units enjoy water views of Tampa Bay.
At 1551 Flournoy Circle West, the asset is situated conveniently along the east side of US-19 with exposure to over 119,000 vehicles per day. The location also provides easy access to Gulf-to-Bay Boulevard to the north and Interstate 275 to the south. Within a 15-minute drive, residents have access to several of the area’s top employment centers, including downtown Clearwater, the Gateway/Carillon District and the Westshore Business District. Downtown Tampa and Downtown St. Petersburg are also within an easily commute, and there is an abundance of retail just minutes away.
The asset’s high visibility and accessible location has provided a strong leasing advantage over nearby competitors. It is currently 80% leased, with an average of 27 new leases per month.
“Vue at Belleair’s exceptional amenities and proximity to employment centers has resulted in a rapid lease-up of the property,” said Elorza. “The affluent resident profile, lower rent-to-income ratio and Central Pinellas County’s limited supply of newer apartments and construction of new communities positions the property well for future rent growth.”
Amenities at Vue at Belleair include a clubhouse overlooking a resort-style, saltwater swimming pool. A unique, rooftop terrace overlooks the pool area and offers stunning views of the bay. The property also features 626 parking spots with private garages, a fitness center with a spin room, two massage rooms, a game room with billiard tables, a business center, two leash-free pet parks and a dog washing station.
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Elorza, Capas and Mulkern, as well as Nick Meoli and Mike Donaldson in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida